The Federal Reserve blinked today and delayed any move to cut back on its bond-buying stimulus. The immediate reaction in the TIPS market was a plunge in yield. This development puts in turmoil the likely yield for Thursday’s auction of a reissue of a 10-year Treasury Inflation-Protected Security, CUSIP 912828VM9.

The yield on a nominal 10-year Treasury immediately dropped about 10 basis points. At 2:30 p.m., Bloomberg’s real-time data for a 10-year TIPS show a yield of 0.54%, down 16 basis points from yesterday’s close of 0.70%.